EUR/USD sits at 1.4215, effectively unchanged from where North America closed out Tuesday, with Asian trade confined to an uninspired narrow range.
Get the impression alot of people don’t trust this latest move lower, and feel we’re still mired in comparatively narrow range trade. Here’s hoping they’re wrong.
Personally feel September is going to be rocky month for stocks and as such EUR/USD could have some further downside potential. We’ll see.
Euro zone data today:
09:00 GMT: Euro zone Q-2 GDP expected -0.1% q/q, -4.7% y/y
09:00 GMT: Euro zone PPI (July) expected -0.6% m/m, -8.4% y/y
Technical supports 1.4180 and 1.4150, resistances 1.4220/30 and 1.4250.
Some talk of sovereign bid interest lying down at 1. 4180, but it’s a little hazy, so not sure yet how much to trust it. Worth noting though I guess.
